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Energy

“Oil giant Saudi Aramco’s second-quarter profit dips 3% on lower crude production volumes”

“Net income from the first half of the financial year was $56.3 billion, down from $62 billion during the same period last year. Aramco reaffirmed its second-quarter base dividend of $20.3 billion, and declared a performance-linked dividend of $10.8 billion… Continue Reading…

Business

“Starbucks revenue misses estimates as same-store sales decline for second straight quarter”

“Starbucks’ quarterly earnings met expectations, but the company’s revenue fell short of Wall Street’s estimates. In China, same-store sales dropped 14%. The coffee reiterated its outlook after it slashed it last quarter, predicting that its sales slump would not end… Continue Reading…

Economy

“U.S. economy grew at a 2.8% pace in the second quarter, much more than expected”

“…Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following… Continue Reading…

Stocks

“Prediction: Nvidia’s Stock Correction Will Lead to Outsized Gains in the Second Half of 2024”

“…But no stock goes straight up forever, and valuation still matters. A correction in the stock was inevitable and finally occurred over the last month. Nvidia shares recently traded as much as 13% below the closing record high set on June 18.… Continue Reading…

Business

“TSMC second-quarter revenue jumps on AI boost, handily beats market forecasts”

“TSMC, the world’s largest contract chipmaker, reported strong growth in second-quarter revenue on Wednesday that handily beat market forecasts, on the back of booming demand for artificial intelligence (AI) applications… Revenue in the April-June period of this year came in… Continue Reading…

Business

“Nvidia passes Apple in market cap as second-most valuable public U.S. company”

“Nvidia also hit a $3 trillion market cap milestone on Wednesday after shares rose over 5%. At market close, Nvidia had a market value of $3.019 trillion, versus Apple’s, which stood at $2.99 trillion. Microsoft is the most valuable publicly traded company,… Continue Reading…

Business

“Second Boeing whistleblower dies suddenly after claiming safety flaws ignored”

“A whistleblower who accused Boeing of ignoring safety flaws in the 737 MAX airplanes has died. Joshua Dean, a former Spirit AeroSystems quality auditor, claimed he was fired for flagging concerns about lax standards at the company’s manufacturing plant in… Continue Reading…

Economy, Precious Metals

“Copper prices climb to 2024 high as Citi calls the start of the metal’s second bull market this century”

“Soaring copper prices show no signs of slowing down, analysts say, with the red metal’s rally fueled by supply risks and improving demand prospects for energy transition metals. Copper prices with May delivery traded at $4.323 per pound in New York as of… Continue Reading…

Business, Energy

“Oil giant Saudi Aramco posts 38% drop in second-quarter profit as lower prices bite”

“Saudi state oil giant Aramco reported 112.81 billion riyal ($30.07 billion) in net profit in the second quarter, a drop of nearly 40% from the same period of last year amid a decline in hydrocarbon prices. Second-quarter profit nevertheless came… Continue Reading…